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Recording past expenses in QuickBooks Online (QBO) requires manually creating individual transactions, Daine.
In QuickBooks Online (QBO), to record transactions from past years, you can enter them as an Expense and use the original date. Please know that when your book is closed, you need to reopen it because it will affect your financial record.
Here's how:
You can also use a journal entry to summarize a month's or year's worth of expenses, which is useful when you have summary data from a previous accounting system.
Before proceeding, I recommend consulting your accountant for advice on which account to use and to ensure that the debit and credit entries are accurate. Then, follow the steps below:
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